June 19, 2017- The 2016 Process Instrumentation and Automation market in the United States, valued at $11.7 Billion, is projected to grow 3.6 percent by 2021 to a total of $14 Billion.
The Measurement, Control & Automation Association (MCAA) has published its Annual Market Forecast for 2017. The report, prepared by the analysts at Global Automation Research, focuses on the Process Instrumentation and Automation (PI&A) markets in both the United States and Canada. Twelve industry segments and product categories are examined in-depth, with a forecast timeline extending to the year 2021.
Growth will be concentrated in five industries: Chemicals, electric utilities, oil refining, food & beverage, and pharmaceuticals. The cumulative market gain will be $2,282 Million over the forecast period. The chemicals industry market gain will be the largest at about $850 Million. The next four fast growing industries will add over $1 Billion in market gain. The market gain of the remaining slow-growing industries will equal about $340 Million.
Oil & Gas spending is expected to be essentially flat in 2017, then increasing through the end of the forecast period. The 5- Year CAGR is forecast to be 1.4 percent
The 2016 Canadian PI&A Market value was $1,211 Million, versus $1,202 Million in 2015. Gains in non-oil & gas industries were negated by the continuing drop in oil & gas spending through 2016. The market is forecast to grow at 3.8% CAGR over the 5-year forecast period, reaching $1,458 Million in 2021.
Six industries—chemicals, F&B, electric utilities, oil refining, W&WW and pharmaceuticals—as a group, will grow at a 4.8 percent 5-year CAGR. Economic forecasts suggest that the Canadian GDP will remain above 2 percent over the forecast period, creating a strong base for continued growth in PI&A spending.
About MCAA
As the voice of the measurement, control and automation industry, MCAA provides industrial manufacturers and distributors resources for business effectiveness and growth through unsurpassed market and business insights, unique networking opportunities, effective employee onboarding and development programs and unbiased, affordable market data. This report is included in annual membership but can be purchased by non-members for a fee.